The Buckle, Inc. (BKE) Earnings Call Transcript & Summary

This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary regarding the company's March 2023 sales press release. Our April 6, 2023 press release reported the comparable store sales for stores open at least 1 full year for the 5-week period ended April 1, 2023, decreased 10.1% in comparison to the prior year 5-week period ended April 2, 2022. Total net sales for the 5-week fiscal month decreased 9.2% to $113.4 million compared to net sales of $124.9 million in the prior year 5-week fiscal month ended April 2, 2022. On the men's side of the business, total sales for the 5-week fiscal period ended April 1, 2023, decreased 8.5% in comparison to the prior year 5-week period ended April 2, 2022. The men's business represented approximately 52% of total sales for the month versus approximately 51% in the prior year fiscal March. For the fiscal month, overall price points on the men's side of the business were up approximately 5.5%. On the women's side of the business, total sales for the 5-week fiscal period ended April 1, 2023, decreased 12% in comparison to the prior year 5-week period ended April 2, 2022. The women's business represented approximately 48% of total sales for the month versus approximately 49% in the prior year fiscal March. For the fiscal month, overall price points on the women's side of the business were up approximately 5.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 5.5% in comparison to the prior year fiscal March, while footwear sales were down approximately 38%. These 2 categories accounted for approximately 10.5% and 8%, respectively, of the current fiscal March net sales. This compares with approximately 9% and 12%, respectively, for each in the prior year fiscal March. Average accessory price points for the month were up approximately 10.5% and average footwear price points were up about 7% for the fiscal month. For the month, UPTs were up about 3%, and the average transaction value increased approximately 2% in comparison to the prior year fiscal March. Buckle currently operates 439 retail stores in 42 states, which is consistent with the total store count a year ago. It is our company policy not to provide any guidance on current sales or to project results for the next quarter. Additionally, any forward-looking statements made during this commentary involve material risks and uncertainties and are subject to change based on factors which may be beyond the company's control. Accordingly, the company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. I hope this brief commentary has answered your questions. If, however, you have any further questions, please call Tom Heacock at 308 238-2443 or myself at (308) 338-2779. Thanks.